Alzheimer's disease (AD) is a chronic neurodegenerative disorder. The characteristic symptom of AD in the patient is gradual decline in cognitive function. Despite several approaches to the treatment of this disorder, still there is no well-approved therapy to check the progression of AD except the inhibition of acetylcholinesterase (AChE). The currently available drugs used for AD include donepezil (Bryson, H. M.; Benfield, P. Drugs Aging 1997, 10, 234), galanthamine (Fulton, B.; Benfield, P, Drugs Aging, 1996, 9, 60), tacrine (Summers, W. K., Majovski, L. V.; Marsh, G. M.; Tachiki, K.; Kling, A., The New England Journal of Medicine, 1946, 315, 1241; Wagstaff, A. J.; McTavish, D. Drugs Aging 1994, 4, 510), rivastigmine (Spencer, C. M., Noble, S. Drugs Aging 1998, 13, 391) and memantine (Möbius, H. J.; Stöffler, A.; Graham, S. M. Drugs of Today, 2004, 40, 685). The major side effects associated with most of these drugs are liver toxicity, headache, fatigue, dizziness, nausea, vomiting, loss of appetite, joint pain, insomnia etc. Apart from these drugs several other molecules have shown potent activity in different test models including animal models. Some of these are xanthostigmine (Rampa, A., Piazzi, L; Bulleti, F.; Gobbi, S.; Bisi, A.; Bartolini, M.; Andrisano, V.; Cavrini, V., Cavalli, A.; Recanatini, M., Valenti, P. J. Med. Chem., 2001, 44, 3810), physostigmine (Moeller H. J., Hampel H.; Hegerl U.; Schmitt W. and Walter K. Pharmacopsychiatry 1999, 32, 99), phenserine (Al-Jafari A. A., Kamal, M. A., Greig, N. H. J. Physiol., 1998, 92, 402), Huperzine-A (Kozikowsky, A. P., Campiani, G., Sun, L. Q., Wang, S.; Saxena, A.; Doctor, B. P. J. Am. Chem. Soc., 1996, 118, 11357), bis-tacrine (Pang, Y. P. Quiram, P; Jelacio, T; Hong, F., Brimjoin, S. J. Biol. Chem., 1996, 271, 23646) etc. As the average age is increasing all over the world, and so the AD (18 million people worldwide; 66% people in developing countries), there is an urgent need to identify novel candidate molecule for drug development.